The rise of private cryptocurrencies has motivated the Federal Reserve to consider digital dollars alongside paper currency. The Fed is considering digitizing U.S. dollars to give people access to their money on phones. Further, digitizing helps people bypass electronic payments that can be slow and expensive for businesses. The biggest driver of this move was a Facebook-led effort to build a global payments network using crypto technology in 2019. Digital coins represent another avenue for making payments more efficient. Federal Reserve Chairman Jerome Powell highlighted ensuring a safe and efficient payment system that provides broad benefits to American businesses. Watch this video to learn about digital dollars.